Ripple has reached the second position in the list of the largest cryptocurrencies
Back this summer, traders were preparing for the so-called “flippening” – a situation where the market capitalization of Ethereum would exceed the capitalization of bitcoin. Although in the classical sense this event is unlikely to happen anytime soon, a different kind of reversal took place on the market this Friday.
According to the CoinMarketCap portal, XRP, the cryptocurrency of the Californian startup Ripple, took the second place in the list of the largest cryptocurrencies, moving Ethereum to third place..
For a long time, XRP traded slightly above the $ 0.20 level, drawing a flurry of criticism due to the large issue volume and low practical applicability of the cryptocurrency token, despite the obvious advantages of the solutions developed by Ripple for the banking industry.
Recently, these problems have begun to be solved, which has become the catalyst for the current takeoff of the cryptocurrency rate. Thus, the management of the startup decided to freeze 55 billion XRP belonging to it, which increased investor confidence in this asset..
Later it became known that large banks in Japan and South Korea intend to use the XRP cryptocurrency in the system of international transfers on the blockchain. And this week SBI Ripple Asia, a joint venture between Japanese financial conglomerate SBI Holdings and Ripple, announced the formation of an association with major Japanese bank card issuers, which gave another impetus to the rate when other cryptocurrencies were already starting to enter the correction..
It’s worth noting that the rearrangement is not related to Ethereum’s weakness. Today, it is also characterized by positive performance amid mixed market movements, although, of course, it cannot boast such outstanding results as Ripple..